JSW Group stocks fall after group chairman is accused of rape

Chairman Sajjan Jindal has denied rape accusations as ‘baseless’

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JSW Group stocks, including JSW Steel, JSW Infrastructure, and JSW Energy, fell 2-3 percent on December 18, underperforming the S&P BSE Sensex, which dropped 0.06 percent to 71,440 as of 10:45am.

The investor sentiment was subdued after a first information report (FIR) was filed against JSW Group Chairman Sajjan Jindal by a Mumbai woman accusing him of rape.

Also read: Mumbai woman accuses JSW Group chairman of rape

However, the chairman of the steel-to-power conglomerate has denied the allegations. “Sajjan Jindal denies the false and baseless allegations. He is committed to providing full cooperation through the investigation,” a representative for Jindal said in a statement.

The JSW Group chairman has been booked by the Mumbai Police under IPC 376 (rape), IPC 354 (assault or criminal force to woman with intent to outrage her modesty), and IPC 503 (criminal intimation).

Also read: JSW group’s Jindal denies rape allegations by Mumbai woman

JSW Group has a wide presence in sectors such as cement, steel, infrastructure, energy, venture capital, and sports.

In the past month, the stock of JSW Steel has surged 8 percent, while JSW Infra has climbed 7 percent, and JSW Energy 4.5 percent.

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